Financial Aid Programs

Disclaimer: Descriptions of financial aid programs are subject to change without advance notice due to changes in federal, state, college policies, and/or changes in funding levels. The Financial Aid Office will make every reasonable effort to keep applicants and students aware of changes as they occur.

At this time, undocumented students do not qualify for state or federal financial aid. Under a new state law, undocumented students may be eligible to receive institutional financial aid.

*Please note that financial aid does not cover the admissions application fee or the graduate program deposit fee. On a case-by-case basis, eligible undergraduate students may receive an undergraduate deposit deferral.  Only students enrolled in a U.S. Department of Education approved certificate program are eligible for federal financial aid (Health Information Management, Medical Coding, Clinical Documentation Improvement, Cancer Registry Management, and Physician Practice Management). 

Federal Pell Grant

Federal Pell Grants are awarded to needy undergraduate students who have not earned a first bachelor's degree.

The amount of Federal Pell Grant eligibility will depend on cost of attendance, EFC, enrollment status, and whether the student will attend for a full academic year or less. A student may not receive Pell Grant funds from more then one school at a time. To apply, a student must file a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA.

The amount of Federal Pell Grant funds a student may receive over his or her lifetime is limited by federal law to be the equivalent of six years of Pell Grant funding. Since the maximum amount of Pell Grant funding a student can receive each year is equal to 100%, the six-year equivalent is 600%.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The Federal Supplemental Educational Opportunity Grant (FSEOG) program is for undergraduates with exceptional financial need. Pell Grant recipients with the lowest expected family contributions (EFC's) will be considered first for funding. To apply, a student must file a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA.

Connecticut Health Horizons Program

The Connecticut Health Horizons was created in response to a critical workforce issue: a statewide shortage of nursing professionals and addresses this need by providing education financing assistance to nursing students. 

Charter Oak students may be eligible if they meet one of the two criteria below:

1.  Meet the income criteria for Federal Pell Grant eligibility.

2.  Have a home address in an alliance school district.  Eligible school districts are:  Ansonia, Bloomfield, Bridgeport, Bristol, Danbury, East Hartford, East Haven, East Windsor, Enfield, Groton, Hamden, Hartford, Killingly, Manchester, Meriden, Middletown, Naugatuck, New Britain, New Haven, New London, Norwalk, Norwich, Plainfield, Putnam, Stamford, Stratford, Thompson, Vernon, Waterbury, West Haven, Winchester, Windham, Windsor, Windsor Locks.

The grant is scheduled to run from academic year 23-24 through the fall '24 semester of academic year 24-25.

The maximum allowable grant is capped up to $10,000 per student. 

Annual grant amounts vary and cannot exceed the Health Horizon program packaging formula.  

Roberta B. Willis Scholarship Program

Funded by the State of Connecticut, this program makes full and part-time need based, and need-merit, financial aid awards to undergraduate students for eligible educational costs. Available to Connecticut residents only. Full-time is considered 12 or more semester credit hours. Part-time is considered 6 to 11 semester credit hours. Eligible educational costs are tuition and fees, plus a fixed amount for books and educational supplies as determined by the Connecticut Office of Higher Education.

To apply, a student must file a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA, and as a result, have a federal Expected Family Contribution (EFC) within the allowable program range. Student's must also be matriculated into an undergraduate program of study, leading to a first associate or bachelor degree. Awards for full-time Pell Grant recipients may not exceed a student's calculated educational costs minus any Pell Grant eligibility. Non-Pell Grant students are also eligible for funding under this program based on the EFC amounts as described above.

There are two different components of the Roberta B. Willis Scholarship Program and a student may receive funding from one or the other:

• Need Based Only:  Students are identified by Charter Oak's Office of Financial Aid for funding consideration.
• Need-Merit:  Students are identified by the Connecticut Office of Higher Education based on scholarship criteria.  

 Federal Direct Stafford Loans

Charter Oak State Colleges participates in the William D. Ford Direct Loan Program. These are federal loans and we also refer to them as Direct Loans. These loans have fixed rates with low interest rates and fees. Students must be at least half-time (six credits) in order to receive a loan.  To apply, a student must file a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA.

There are two types of Federal Direct Loans:

Subsidized loans are need-based and available to undergraduate students only. Interest does not accrue on these loans while students are enrolled in school at least half-time, during their grace period*, and authorized deferment periods. *Note: Students who received a Direct Subsidized Loan that was first disbursed between July 1, 2012, and June 30, 2014, will be responsible for paying interest that accrues during their grace period.

Unsubsidized loans are not need-based, and students are responsible for all of the interest that accrues on the loan, including while enrolled in school. However, interest does not have to be paid during this time. Unpaid interest that is deferred until after graduation can be "capitalized" (added to the loan principal). This means that a student will pay interest on a higher loan amount when they go into repayment.

Federal PLUS Loans

To receive a Direct PLUS Loan, the borrower must be the parent (biological, adoptive, or in some cases, stepparent) of a dependent undergraduate student enrolled at least-half time; not have adverse credit history; and also meet the general eligibility requirements for federal student aid.

Graduate students may also borrow the remainder of their college costs not covered by other financial aid.

Credit checks are required.

Annual Loan Limits

Undergraduate Dependent Lifetime Limit:
$31,000 (up to $23,000 may be subsidized)

Undergraduate Independent Lifetime Limit:
$57,500 (up to $23,000 may be subsidized)

Graduate Lifetime Limit:
$138,500 (up to $65,000 may be subsidized and includes all federal loans received for undergraduate studies. *The $65,000 subsidized aggregate loan limit includes subsidized loans that a graduate student may have received for periods of enrollment that began before July 1, 2012.)

Interest Rates for Direct Loans First Disbursed on or after July 1,2023 and Before July 1, 2024

Interest Rates for Direct Loans First Disbursed on or after July 1,2022 and Before July 1, 2023

*interest rates shown are fixed rates for the life of the loan.

Loan Fees

• Private Education Loans

Private education loans may be available to students seeking loan assistance above and beyond the federal financial aid programs. They are used to cover "gaps" that may exist between education costs and the amount of financial aid received (if any). Learn more about private education loans.